Details about IFRS for Banking Exams

International Financial Reporting Standards (IFRSs) are the principles based set of
standards which establish broad rules. These are the standards and
interpretations adopted by the International
Accounting Standards Board (IASB). Some of the Standards forming part of
IFRS are the previous

International
Accounting Standards (IAS). In April 2001 the IASB adopted all IAS and
continued their development, calling the new standards IFRS.

Objectives:

To provide information about the
financial position, performance and changes in the financial position of an
entity that is useful to a comprehensive range of users in making economic
decisions.

Financial Statement:

With the issue of revised standard
(IAS 1), that is Presentation of Financial Statements in September 2007, which
is effective for annual period beginning on or after 1st January, 2009, the IFRS financial statements consist
of: